Certificate of Time Deposit

In a time deposit, a definite period is set for the deposit, during which time the depositor cannot withdraw his deposit. The bank, however, may waive its right to the term. Time Deposits are accepted by the bank for amounts which are less than Fifty Thousand Pesos (P 50,000.00) and at a minimum of Five Thousand Pesos (P5,000.00) for a term of not less than thirty (30) days.

The authority to accept these forms of deposits is found in the Rural Banks Charter, R.A.720, as amended by Batas PambansaBlg. 65.1

Manager – Duties and Responsibilities includes:Visits occasionally prospective depositors and borrowers, as part of the marketing strategy of the branch.

Does Know-Your-Customer (KYC) procedures as needed;

Reviews all the documents and requirements of opening an account prior to the approval of the same;

Re-checks the previous day’s transactions thru the daily reports, proof sheets & general proof sheets together with summary control balances for Certificate of Time Deposit, teller’s blotter, and summary of COCI with all corresponding tickets;

CODE OF CONDUCT

In carrying out their duties and responsibilities, BRANCH CASH UNIT staff must adhere to the following:

Shall maintain professionalism and confidentially in all matters and business affairs of the client;

Shall provide top quality service to all clients;

Shall abide by the bank’s policies and procedures as contained in the manual;

Shall abide with the general code of conduct for BDI employees.

Shall not ask for nor received from any client, even when offered, anything that is of value whether financial or in kind;

Shall not tolerate opening of account with lack of requirements and must be firm in implementing the zero-tolerance of the same;

REQUIREMENTS UPON OPENING AN ACCOUNT

For Individuals:

Specimen signature card (Provided by the bank);

Client Information Sheet (CIS);

2 pcs. Valid Identification Card of signatory (photocopied);

Two (2) pcs 2×2 ID pictures of signatory.

For Sole Proprietorship

Specimen signature card/s (Provided by the bank);

Client Information Sheet (CIS);

2 pcs. Valid Identification Card of signatory (photocopied);

Two (2) pcs 2×2 ID pictures of signatory;

Application of Trade/Business Name with DTI;

Certificate of Registration of Business Name;

Mayor’s Permit.

For Joint “and/or” Account

Specimen signature card/s (Provided by the bank);

Client Information Sheet (CIS);

2 pcs. Valid Identification Card of signatory (photocopied);

Two (2) pcs 2×2 ID pictures of signatory/ies;

Joint account agreement.

For Joint “and” Account

Specimen signature card/s (Provided by the bank);

Client Information Sheet (CIS);

2 pcs. Valid Identification Card of signatory (photocopied);

Two (2) pcs 2×2 ID pictures of signatory/ies;

Joint account agreement (Provided by the bank).

For Partnership and Corporate Account

Specimen signature card/s (Provided by the bank);

Client Information Sheet (CIS);

2 pcs. Valid Identification Card of signatory (photocopied);

Two (2) pcs 2×2 ID pictures of signatory/ies;

Articles of Partnership/Articles of Incorporation and By-Laws;

List of Directors/Partners;

Notarized Board Resolution/Authority from Partners/Directors on the opening of the deposit account and authorized signatories for transaction involving deposit;

List of principal stockholders owning at least 2% of the capital stock;

Notarized resolution authorizing the rural bank to be the depository bank;

SEC Registration;

Special Power of Attorney, authorizing the person purporting to act on behalf of the client, and the identification of the said person.

For Clubs, Associations, Civic Organization

Specimen signature card/s (Provided by the bank);

Client Information Sheet (CIS);

2 pcs. Valid Identification Card of signatory (photocopied);

Two (2) pcs 2×2 ID pictures of signatory/ies;

By-Laws;

Board Resolution authorizing and designating the rural bank to be the club’s/association’s/civic organization’s depository bank and the officers authorized to sign and the nature and extent of such authority;